Equity-linked zest grows in ZAR with inaugural from JD

JD Group, a South African retailer majority-owned by the Steinhoff group, on Tuesday showed the resilience of the country’s capital markets to global macro risk aversion when it priced its debut convertible bond. The deal built on the excitement generated in the domestic market by a R4.5bn deal from Shoprite in March, which was itself the first equity-linked offer in rand since Steinhoff itself issued back in 2006 and 2008.